Annual Report to Members

The board of directors of every association organized hereunder shall cause to be sent to the members thereof not later than one hundred twenty

(120)days after the close of the fiscal or calendar year an annual report of the operations of the association, unless such report be expressly dispensed within the bylaws. Such annual report shall include a balance sheet as of such closing date. Such financial statement shall be prepared from the books and shall be in accordance therewith and shall be prepared in a form sanctioned by sound accounting practice for the association or approved by a duly certified public accountant.